Update: Globex Starts Drill Campaigns, Rare Earth Follow-up Begins, Prefeasibility Study on Schedule, Manganese Drilling Starti
July 07 2011 - 9:48AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to inform shareholders that it has started a
series of diamond drill programs on various properties.
To date, 9 holes have been completed on our 100% owned
Tonnancour Property south of Quevillon, Quebec. The holes are
targeting a copper, zinc, gold and silver showing with several
historical drill hole intersections while another series of holes
will target a number of isolated electromagnetic anomalies outlined
both in airborne and ground geophysical surveys undertaken by
Globex.
On our 100% owned Donalda Gold Mine Property located adjacent to
the Horne, Quemont and Delbridge deposits at Rouyn-Noranda, Quebec,
Globex has identified four historical shallow drill holes which
have returned up to 10.6 g/t Au over 2.56 meters (0.31 oz/T Au over
8.4 feet) in an area that has not reported follow-up drilling. In
addition, a zone of intense alterations followed from the adjacent
Delbridge property onto the Donalda property will be explored where
it plunges onto our property. A drill program consisting of 5 holes
is planned as a first phase.
Drilling permits have been requested for 7 holes to be drilled
on our 50% owned and managed Wood-Pandora Property in joint venture
with Queenston Mining Inc. (TSX: QMI). The drilling will follow up
on positive drill results released in our joint press release dated
May 5th, 2011 and upon targets identified in a new structural study
of the property.
Drilling is also planned upon the Farquharson Property located
between the Sigma Gold Mine property and the Sullivan Mine property
(polymetallic massive sulphides), our isolated Beacon East claims,
the Smith shaft area, part of our Smith-Zulapa Property and the
Wrightbar Mine Property all located east of Val D'or, Quebec.
In addition to the above drill program, a team of geologists,
prospectors and line cutters have been mobilized to the Turner
Falls Rare Earth Property. Press releases dated February 1st, 2010,
August 19 and 26, 2010 and January 17, 2011, reflect significant
light and heavy rare earth values found both in outcrop and
boulders during last summer's program of mapping, prospecting and
geophysics. Globex intends to complete mapping and prospecting of
the property, blast and sample areas of high rare earth
concentrations and if warranted, drill the zones delineated by this
summer's field work in the fall.
In other news, Globex has staked additional claims in the
Chibougamau area including claims adjacent to the Grandroy and
Berrigan Mine Properties and east of the Portage Mine adjoining the
east end of our large claim package to the south of the mine. We
have also staked a number of other interesting claims or claim
groupings and are waiting for determination of titles.
Geophysics has been completed on a number of Quebec properties
and is planned for quite a few more over the next months. The
properties will also be prospected by our team of experienced
prospectors.
In New Brunswick, an initial small drill program will start
shortly on our two manganese properties. One hole will test the
Iron Hill Manganese Zone and another, a separate property to the
south where a large magnetic anomaly may indicate a buried
magnetite-manganese body.
Our technical team reports that we are making good progress
toward the completion of our Timmins Talc-Magnesite Project
prefeasibility study with the report anticipated by the end of
September.
This press release was written by Jack Stoch, P. Geo., President
and CEO of Globex in his capacity as a Qualified Person (Q.P.)
under NI 43-101
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
Forward Looking Statements
Except for historical information, this news release may contain
certain "forward looking statements". These statements may involve
a number of known and unknown risks and uncertainties and other
factors that may cause the actual results, level of activity and
performance to be materially different from the expectations and
projections of Globex Mining Enterprises Inc. ("Globex"). No
assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits Globex will derive therefrom. A more
detailed discussion of the risks is available in the "Annual
Information Form" filed by Globex on SEDAR at www.sedar.com
22,035,675 shares issued and outstanding
Contacts: Jack Stoch, P.Geo., Acc.Dir. President & CEO
Globex Mining Enterprises Inc. 819.797.5242 819.797.1470 (FAX)
info@globexmining.com www.globexmining.com
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jul 2023 to Jul 2024